Third-quarter insured catastrophe losses for 2007 reached their lowest levels in five years, due largely to relatively few large-scale events.
According to a report issued by the Insurance Services Office's Property Claim Services unit, U.S. property/casualty insurers are expected to pay homeowners and businesses an estimated $1.13 billion from a total of six catastrophes in 11 states. PCS defines a catastrophe as an event that causes at least $25 million in insured property losses.
PCS said that the six catastrophes generated 260,000 claims, with 62 percent of the losses affecting personal lines risks, 20 percent affecting commercial lines, and 18 percent involving loss to vehicles. The third-quarter catastrophes largely affected the Midwest, with Minnesota and Illinois suffering the greatest insured property damage, the report stated. Both states were affected by three of the six events, which were due mostly to damaging storms.
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